U.S. Jobs Down For the First Time Since '03

Source: ABC News
Date: February 1, 2008

WASHINGTON (AP) -- Nervous employers cut 17,000 jobs in January -- the first such reduction in more than four years and a fresh trouble sign that the economy is in danger of stalling.

The Labor Department's report, released Friday, also showed that the unemployment rate dipped slightly to 4.9 percent, from 5 percent, as the civilian labor force shrank slightly.

Job losses were widespread. Manufacturers, construction firms and a variety of professional and business services eliminated jobs in January -- reflecting the toll of the housing and credit debacles. The government cut jobs, too. All those cuts swamped job gains in education, health care, retailing and elsewhere.